Safety in Numbers
LinkedIn, the world’s largest professional network, provides many opportunities for inventors and entrepreneurs to find new ways to refine ideas, gain feedback and network. LinkedIn Groups can enhance this.
Inventor Resources
Think Like a Licensee
Companies always want a margin of at least 50 percent. You need to have a good grasp of the percentage of the retail price the company receives to address this issue. Understand and leverage these 4 main deal-making factors for your potential partners.
Licensing Concepts Faster
I have experienced an array of timelines when pitching and licensing new concepts—from licensing an item to the first person I pitched it to, to licensing a concept within a month of pitching to dozens of companies, all the way to licensing a product after pitching it for a couple of years, and everything in-between.
Ouch! That One Stung
A key part of success when crowdfunding is to have a beautiful working prototype with high-quality digital assets (photos and videos). Consider these strategies for launching a product so it does not meet the same fate as the Hornet.
Know The Affordability Barrier
This fine line can mean the difference between no sales and big ones. Most products fail in testing, and that is exactly why it is done.
Under the Influence
As the rise of social media as part of a cohesive digital marketing strategy creates opportunities for inventors and entrepreneurs to showcase innovative products online, one of the most effective tactics is collaborating with social media influencers.
Finding Opportunities
Even in winning categories, some products are better than others. Here are some ways to help you to a winning formula. These principles apply across the board—whether you are looking to produce your own product, license it to a manufacturer, or strike a joint venture deal of some kind.
Get Automated, Save Time
Marketing sometimes inadvertently takes a back seat to the excitement of creating a groundbreaking product. Because many of us have limited time and resources to devote to all aspects of product development, marketing efforts can become sporadic or inconsistent, hindering an invention’s potential success.
Utility Patent Options, Alternatives
Many of the patent rules are subtle and cause amateurs (including me) to lose a large chunk of the patent’s strength and value if we prepare a patent on our own.
Pitching to a New Industry
Is it worth the time? What has worked before? What will have to change? I look into factors such as demand, market size, manufacturability, cost and trends. I also do an extra layer of evaluation.
Evolutionary Vs. Revolutionary
Evolutionary and revolutionary product development define how companies improve existing products, introduce new products and innovate. Both approaches have their advantages and drawbacks.
We Have Liftoff!
This can be a nervy time for the inventor: the real test of whether the device can stand on its own in the marketplace, and whether people want to buy it. Because the launch has such high consequences, you must take the utmost care in preparation to ensure you have everything right.